Trade surplus exceeds $ 10 billion, salaried jobs decline | Liverpool City Champion


Australia’s monthly trade surplus topped $ 10 billion for the first time in June, helped by a sharp increase in exports during the month.

However, data from the Australian Bureau of Statistics also showed the negative impact of COVID-19 lockdowns on the economy.

The goods and services trade surplus reached $ 10.5 billion in June, from a revised surplus of $ 9.3 billion in May.

The previous record was $ 9.9 billion in January.

Exports rose 4% in June to $ 43.3 billion, compared to imports which rose 1% to $ 32.8 billion.

Meanwhile, ABS said salaried jobs fell a further 2.4% in the fortnight to July 17, after falling 0.2% in the previous two weeks.

ABS head of labor statistics Bjorn Jarvis said the latest data coincided with school holidays in every state and territory, the second and third weeks of the Greater Sydney lockdown, increased restrictions in other parts of New South Wales and the first two days of lockdown in Victoria.

He said while every state and territory saw a decline in paid employment in the fortnight, the drops were much larger in NSW, down 4.4%, and neighboring ACT, down 2, 4%.

NSW typically accounts for about a third of total salaried jobs and Victoria about a quarter.

“As a result, lockdowns in these two states have contributed to a sharp decline in salaried jobs nationwide,” Jarvis said.

The Payroll Report is a guide to the full July workforce report, which is due out later this month.

Earlier this week, Reserve Bank of Australia Governor Philip Lowe warned that the unemployment rate would rise as the economy is expected to contract in the September quarter due to the wave of lockdowns across the country.

Associated Australian Press

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